Housing Development Association of Cambodia president Ly Hour has unveiled plans to erect a borey in Tboung Khmum province.
Hour, who is also the chairman of Ly Hour Group, told Post Property he had purchased about 200 hectares of land in Tboung Khmum town which was separated from the province of Kampong Cham in 2013.
The borey will also have a retail component, with plans for an accompanying mall to be developed.
“The borey project will start after the 2018 election, and the construction will proceed according to the market’s needs,” Hour said.
Tboung Khmum province, which is currently home to around 80,000 people, already has several markets and shopping centres, including Ponhea Krek and Memot.
“This is why we are developing at a slow pace while studying the market’s situation as well,” he said, when commenting on his plans.
This isn’t Hour’s first foray into property, having already developed Borey Vimean Phnom Penh.
Prach Chan, governor of Tboung Khmum, said the province was welcoming of new residential and retail development.
“The province now has infrastructures and clean water for 50,000 people and a fully operational electricity system so that investors can come and invest,” he said.
Cambodian Valuers and Estate Agents Association (CVEA) president Kim Heang said a new housing and mall development would be beneficial for the province but noted that it would still be a few years until construction was complete.
“To attract potential buyers [to the project], the houses should only be around $10,000,” Heang said.